ECON 1010 Chapter Notes - Chapter 21: Labour Force Survey, Real Wages, Unemployment

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Unemployment is a serious personal and social economic problem for two main reasons : 1. lost incomes and production, 2. lost human capital. The loss of a job brings a loss of income and loss production. Lost production means lower consumption and a lower investment in capital, which lowers the living standard in both the present and the future. Prolonged unemployment permanently damages a person"s job prospects by destroying human capital. Governments make strenuous efforts to measure unemployment accurately and to adopt policies to moderate its level and ease its pan. The population divides into two broad groups: the working age population, and others who are too young to work or who live in institutions and are unable to work. Working age population: is the total number of people ages 15 years and over. Working age population is also split in two: those in the labour force and those not in the labour force.

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